Legal Templates
Repayment Of Debt Agreement

Repayment Of Debt Agreement for South Africa

Repayment Of Debt Agreement Template for South Africa

A comprehensive legal agreement governed by South African law that formalizes the terms and conditions for the repayment of an existing debt. The document complies with the National Credit Act 34 of 2005 and other relevant South African legislation, establishing a clear payment schedule, interest terms, and consequences of default. It includes provisions for acknowledgment of the debt, detailed repayment terms, interest calculations in compliance with the In Duplum rule, and remedies available to the creditor in case of default. The agreement provides legal protection for both creditor and debtor while ensuring enforceability under South African jurisdiction.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Generate a Bespoke Document

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

Get our South Africa-compliant Repayment Of Debt Agreement

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Repayment Of Debt Agreement

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a Repayment Of Debt Agreement?

The Repayment of Debt Agreement is a crucial legal document used in South Africa when parties need to formalize arrangements for the repayment of an existing debt. It is particularly relevant when a debtor requires structured payment terms or when the original payment terms need to be modified. The agreement must comply with South African legislation, particularly the National Credit Act 34 of 2005, the Prescription Act, and the In Duplum rule. This document is essential for both commercial and consumer debt situations, providing clear terms for repayment schedules, interest calculations, and default consequences. It can be used for various types of debt, from business loans to consumer credit, and includes necessary provisions for legal enforcement while protecting both creditor and debtor rights under South African law.

What sections should be included in a Repayment Of Debt Agreement?

1. Parties: Identification and details of the Creditor and Debtor, including full legal names, registration/identity numbers, and physical addresses

2. Background: Context of the original debt, acknowledgment of the debt amount, and circumstances leading to this repayment agreement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt Amount', 'Interest Rate', 'Payment Date', etc.

4. Acknowledgment of Debt: Formal acknowledgment of the debt amount, including principal, interest, and any additional charges up to the agreement date

5. Repayment Terms: Detailed payment schedule, including installment amounts, payment dates, and payment methods

6. Interest: Interest rate applicable, calculation method, and compliance with In Duplum rule

7. Payment Method: Specified method(s) of payment and bank account details for payments

8. Default Provisions: Consequences of default, notice requirements, and remedies available to the creditor

9. Breach and Acceleration: Circumstances constituting breach and creditor's right to demand full payment

10. Notices and Communications: How formal notices must be given between parties

11. General Provisions: Standard clauses including whole agreement, variation, governing law, and jurisdiction

12. Signatures: Execution clause and signature blocks for all parties

What sections are optional to include in a Repayment Of Debt Agreement?

1. Security Provisions: Details of any security or collateral provided for the debt - include when the debt is secured by assets

2. Guarantor Provisions: Terms applicable to any guarantors of the debt - include when there are third-party guarantors

3. Early Settlement: Terms for early repayment of the debt - include when early settlement is permitted

4. Credit Insurance: Details of any credit insurance requirements or existing policies - include when insurance is relevant

5. Debt Counselling: References to debt counselling rights under the NCA - include when the debtor is a natural person

6. Assignment: Terms regarding the ability to assign rights under the agreement - include when assignment rights are important

7. Alternative Dispute Resolution: Mediation or arbitration procedures - include when parties prefer alternative dispute resolution

What schedules should be included in a Repayment Of Debt Agreement?

1. Schedule A - Debt Calculation: Detailed breakdown of the debt amount, including principal, interest, and other charges

2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payment dates and amounts

3. Schedule C - Security Details: Description and details of any security or collateral (if applicable)

4. Appendix 1 - Copy of Original Debt Agreement: Copy of the agreement or documentation that gave rise to the original debt

5. Appendix 2 - Statement of Account: Current statement showing the debt balance and transaction history

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image

Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions
Agreement
Business Day
Commencement Date
Creditor
Debt
Debt Amount
Debtor
Default
Default Interest Rate
Due Date
Effective Date
Event of Default
Final Payment Date
Guarantor
Initial Debt
Installment
Installment Amount
Interest
Interest Rate
Legal Costs
Original Agreement
Outstanding Balance
Parties
Payment Date
Payment Schedule
Principal Debt
Repayment Period
Repayment Schedule
Repayment Terms
Security
Settlement Amount
Settlement Date
Signature Date
Statement of Account
Term
Outstanding Amount
Payment Method
Prescribed Rate
Relevant Legislation
Clauses
Acknowledgment of Debt
Repayment Terms
Interest Calculation
Payment Obligations
Security
Default
Breach
Acceleration
Early Settlement
Representations and Warranties
Rights and Obligations
Force Majeure
Indemnification
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Jurisdiction
Severability
Entire Agreement
Amendment
Costs
Waiver
Good Faith
Further Assurance
Counterparts
Electronic Signatures
Survival
Time of Essence
Compliance with Laws
Set-off
Legal Proceedings
Domicilium
Interpretation
Relevant Industries

Financial Services

Banking

Retail

Commercial Property

Manufacturing

Professional Services

Construction

Healthcare

Education

Telecommunications

General Business

Relevant Teams

Legal

Finance

Credit Control

Risk Management

Compliance

Accounts Receivable

Debt Collection

Commercial

Treasury

Business Development

Relevant Roles

Credit Manager

Financial Manager

Legal Counsel

Debt Collection Officer

Chief Financial Officer

Credit Controller

Business Development Manager

Risk Manager

Accounts Receivable Manager

Commercial Director

Legal Officer

Finance Director

Credit Risk Analyst

Debt Recovery Specialist

Compliance Officer

Industries
National Credit Act 34 of 2005: Regulates credit agreements and consumer credit, including debt restructuring and repayment arrangements. Sets requirements for credit agreements and protects consumers from unfair credit practices.
Prescription Act 68 of 1969: Determines the time limits within which legal proceedings must be initiated for debt collection. Generally, debt prescribes (expires) after 3 years unless legally interrupted.
Consumer Protection Act 68 of 2008: Provides consumer protection rights and may apply if the original debt arose from a consumer transaction. Ensures fairness and transparency in consumer agreements.
Debt Collectors Act 114 of 1998: Regulates debt collection practices and the conduct of debt collectors. Relevant if third-party debt collection becomes necessary.
Constitution of South Africa, 1996: Section 34 (Access to Courts) and Section 33 (Fair Administrative Action) provide fundamental rights relevant to debt enforcement and dispute resolution.
In Duplum Rule (Common Law): A common law principle that states that interest on a debt cannot exceed the principal amount. This rule is also codified in the National Credit Act.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

No matches found.

Employee Loan Contract

A South African law-governed agreement establishing terms for an employer-provided loan to an employee, including repayment through salary deductions.

find out more

Loans With Debt Agreement

A South African law-governed agreement combining loan provisions with debt arrangements, compliant with the National Credit Act and related legislation.

find out more

Take Over Car Loan Payments Contract

A South African law-governed agreement transferring vehicle loan payment obligations from an original borrower to a new borrower, with lender consent.

find out more

Repayment Of Debt Agreement

A South African law-governed agreement that formalizes debt repayment terms between creditor and debtor, ensuring compliance with local credit legislation.

find out more

Cellphone Loan Agreement

South African law-compliant agreement for financing mobile devices, covering loan terms, device ownership, and regulatory requirements.

find out more

Employer Loan To Employee Agreement

South African law-governed agreement establishing terms for an employer-provided loan to an employee, compliant with the National Credit Act and employment legislation.

find out more

Friendship Loan Agreement

A South African legal document formalizing loan arrangements between friends or family members, establishing clear terms while maintaining personal relationships.

find out more

Personal Loan Letter Between Friends

A South African legal document formalizing a personal loan agreement between friends, outlining loan terms and conditions while maintaining compliance with local legislation.

find out more

Peer To Peer Lending Agreement

South African-compliant agreement establishing terms for peer-to-peer lending between parties, including loan details, repayment terms, and regulatory requirements.

find out more

Simple Interest Loan Contract

A South African law-governed loan agreement with simple interest terms, compliant with the National Credit Act and related legislation.

find out more

Revolving Credit Contract

A South African law-governed agreement establishing a revolving credit facility between a credit provider and borrower, compliant with the National Credit Act.

find out more

Loan Car Form

A South African law-compliant agreement governing the temporary loan of a vehicle between parties, outlining terms, conditions, and responsibilities.

find out more

Family Member Promissory Note

A South African legal document formalizing loan agreements between family members, establishing terms and conditions while ensuring compliance with local lending and tax regulations.

find out more

Vendor Finance Loan Agreement

A South African law-governed agreement establishing terms for vendor-provided financing for goods or services purchase, compliant with local credit and banking regulations.

find out more

Overloan Agreement

A South African law-governed agreement that documents the extension of credit beyond an existing loan facility's limit, setting out terms for the increased borrowing amount.

find out more

Acknowledgement Of Debt Agreement

A South African legal document where a debtor formally acknowledges their debt obligation and agrees to specific repayment terms under South African law.

find out more

Facility Loan Agreement

A South African law-governed agreement establishing terms for a loan facility, including lending conditions, repayment terms, and security arrangements.

find out more

Overagreement

A South African law-governed master agreement that provides an overarching framework for multiple sub-agreements between parties.

find out more

Inter Corporate Loan Agreement

A South African law-governed agreement establishing loan terms between corporate entities, including financial terms, security, and compliance requirements.

find out more

Subordinated Loan Agreement

South African law-governed agreement establishing terms for subordinated debt, including ranking provisions and payment conditions.

find out more

Work Loan Agreement

A South African agreement combining employment terms with loan provisions, governed by national credit and employment legislation.

find out more

Peer To Peer Lending Contract

South African law-compliant agreement for direct lending between parties, incorporating National Credit Act requirements and essential lending terms.

find out more

Interest Loan Agreement

A South African law-governed agreement establishing terms for an interest-bearing loan, compliant with the National Credit Act and related legislation.

find out more

Letter To Borrow Money From Friend

A South African legal document formalizing a personal loan agreement between friends, including loan terms and repayment conditions while complying with local legislation.

find out more

Student Loan Agreement

South African law-governed agreement establishing terms for student financial assistance, compliant with National Credit Act and related legislation.

find out more

Simple Loan Application Form

South African loan application form compliant with NCA, POPIA, and FICA, designed for gathering borrower information and obtaining necessary consents.

find out more

Private Lending Term Sheet

A South African law-governed preliminary document outlining key terms and conditions for a private loan agreement, serving as the basis for detailed loan documentation.

find out more

Personal Loan Receipt

A South African legal document acknowledging the disbursement of a personal loan and its key terms, compliant with the National Credit Act.

find out more

Loan Agreement With Guarantor

A South African law-governed agreement establishing loan terms between lender and borrower, secured by a third-party guarantor's commitment to ensure repayment.

find out more

Investment Loan Contract

A South African law-governed agreement establishing terms for an investment loan, including loan details, security arrangements, and compliance with local financial regulations.

find out more

Facility Agreement

A South African law-governed agreement establishing terms and conditions for a lending facility, including loan amount, interest, repayment terms, and security arrangements.

find out more

Employee Laptop Loan Agreement

A South African law-governed agreement setting out terms for loaning company laptops to employees, including usage, maintenance, and return conditions.

find out more

Car Payment Plan Agreement

A South African law-compliant agreement outlining terms and conditions for vehicle purchase through structured payments, incorporating National Credit Act requirements.

find out more

Borrowing Form

A South African law-compliant document that establishes legally binding terms for a loan between a credit provider and borrower, incorporating National Credit Act requirements.

find out more

Simple Equipment Borrowing Agreement

A South African law-compliant agreement establishing terms and conditions for temporary equipment loans between parties.

find out more

No Loan Agreement

A South African legal document that formally establishes and confirms the absence of any loan relationship between parties.

find out more

International Loan Agreement

A South African law-governed agreement for cross-border lending transactions, establishing terms for international loans while ensuring compliance with local regulations.

find out more

Inter Corporate Deposit Agreement

A South African law-governed agreement regulating corporate deposit arrangements between companies, including terms for deposit placement, interest, and repayment.

find out more

Fixed Sum Loan Agreement

A South African law-governed agreement establishing terms for a fixed sum loan, compliant with the National Credit Act and related regulations.

find out more

Deed Of Assignment Loan Agreement

A South African law-governed agreement transferring rights and obligations under an existing loan from one lender to another, including associated terms and conditions.

find out more
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

Generate Legal Docs Free

Create your first 2 documents for free
You keep IP ownership of your information
Your data doesn't train Genie's AI
2 Docs LeftAccess Now
*No registration required